Published 51 minutes ago
Gala Games Crypto Price Prediction: The GALA coin price falling under the influence of two converging trendlines showed the formation of a wedge pattern on the daily timeframe chart. Although this pattern is currently trending down, it is theoretically marked as a bullish continuation pattern. Here is how this pattern will affect the price of the GALA coin in the near future.
Key Point:
- A low denial candlestick at 0.024 indicates a high likelihood of a bullish reversal.
- The rising slope of the RSI indicator indicates that market sentiment is gradually leaning towards buying.
- GALA had an intraday trading volume of $42.5 million, showing a loss of 6.2%.
Source – Tradingview
The narrowing of price action within the wedge pattern reflects the loss of bearish momentum and indicates that sellers have failed to execute a deeper correction. Crossing the line indicates signs of recovery.
However, amid continued uncertainty in the cryptocurrency market, the price of the GALA coin remains in a narrow range. So, almost a month has passed since altcoins resonated between the $0.28 to $0.24 horizontal levels.
By price time, the GALA price is trading at $0.245, showing signs of a reversal from the $0.24 support. This potential bullish reversal should push the price up 15% and hit the range resistance at $0.282.
Moreover, if market sentiment is in favor of buyers, a rally from $0.28 could add buying pressure and extend price gains by another 15% to reach resistance at the downtrend line and $0.323 combined.
Conversely, a daily break below the $0.24 support will extend the current downtrend to the support trendline.
technical indicator
it’s not: Downhill EMAs (20, 50, 100, and 200) reflect the established downtrend of GALA price. Moreover, each of these EMAs will provide significant resistance and undermine bullish growth if the price tries to move higher.
Relative Strength Index: Despite the sideways price action, the RSI slope is rising and the growth within the range underscores the buying pressure. This so-called bullish divergence indicates that GALA is likely to grow by 30%.
GALA intraday price level
- Spot Price: $0.024
- trend: bearish
- Volatility: Medium
- Resistance levels – $0.281 and $0.32
- Support Levels – $0.24 and 0.2
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
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